Банкеръ Weekly

Briefs

THREE NEW SHAREHOLDERS IN BANKESERVICE

Piraeus Eurobank, Bank West-East and the Citibank's branch in Bulgaria will be the three new shareholders in Bankservice - the company effecting interbank payments in this country. The decision was made at the general meeting of its shareholders on June 12.
The aggregate number of stocks to be purchased by the three banks is 3,000 and the price of each of them is calculated on the net worth of Bankservice's assets. According to financial experts, each of the three new shareholders should pay BGN33 per piece. Let's recall that the company's capital has been distributed between the Bulgarian National Bank (BNB) which holds a 30% stake and most of the domestic banks and foreign banks' branches in Bulgaria. The individual share of each financial institution depends on the number of payments effected through the system, maintained by Bankservice, and is updated each three years.
Another peculiarity is that Bankservice is one of the few companies in the financial sector in which no dividend is distributed between the shareholders by definition. The entire annual profit is set aside in the company's reserve funds and is used for financing new software, intended to improve the security and speed on interbank settlements and reduce their price. In financial circles Bankservice is regarded as the biggest company for specialized software in Bulgaria. In fact, it cannot but pursue another kind of policy as effecting all payments up to BGN100,000 problem-free depends on it. The annual money turnover effected through Bankservice exceeds BGN65BN.

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